As we approach the final quarter in 2022, you may be considering ways to increase your revenue and hit financial milestones for the year.
I hear you, see you, and understand the assignment.
Truth be told? There are plenty of ways to increase profit in your business. It’s less about the HOW and more about CONSISTENCY. Ya feel me?
If we sat down across from each other at a coffee shop (my espresso cup in hand), we could uncover dozens of ways to increase your profit flow. But the FIRST thing I would ask before we did would be:
“What’s your long-term vision? Where do you see this company going?”
Because it’s not JUST about increasing profit in your business. It’s about integrating foundations that support the long-term mission and vision. Before you consider innovative ways to increase your profit, ask yourself:
Vision, capacity, and priorities should inform the tactics and strategies you implement to drive additional profit. We’re building for sustainability and longevity afterall.
Once you’ve done an audit of your vision, dive into the following list. The purpose here is to get your wheels turning, give you some ideas, and provide you with ten ways that you can increase profit over the next ninety days in your business.
Grab your notebook and pen and take note of the ones that stand out to you:
This means less time waiting for your “content to convert” & more time with direct connection and selling. Despite how times are changing and technology is rising, nothing will ever replace the value and power of direct human connection. (Check out this recent blog post: Human Connection, Can it Really Increase My Bottom Line?)
Focus less on low ticket (for now), and stabilize revenue by booking out your high-ticket offer. Where I see many new business owners going wrong is by focusing on selling low-ticket items in order to meet financial goals. Low ticket offers CAN reap substantial profit, BUT you need a higher volume of purchases. If you want to leverage your existing community to increase profits, focus on selling your higher-ticket offers. Stabilize your revenue first. Then layer in promotions for low-ticket offers.
*Bonus points if you have a strategic customer journey from those low ticket offers to the mid and high ticket offers.*
Also known as “secret menu items.” As you build your revenue base, don’t be afraid to offer a custom container based on request. As you prioritize outbound marketing efforts, you may receive specific requests for support and service. Give yourself the freedom to play with these requests, test them out, and refine your offer over time.
Right now, you may feel like you are doing ALL the right things and yet your efforts aren't creating more money for your business. Today that changes! Our free 90-day profit planner has helped hundreds of creative entrepreneurs transform their income goals into an actualization strategy since 2019.
Partner with folks in complementary industries that can send you biz on the regular. Aquila Development does a phenomenal job of this. They partner with designers in order to provide development services for their clients while adding a meaningful amount of revenue to their pockets. It’s a win-win for the customer, partner, and Aquila.
What complimentary industries could you partner with and simultaneously integrate an entirely new source of leads for your business?
Get in FRONT of new audiences by collaborating with others. Think:
Expose your brand to entirely new audiences by delivering value and service to other people’s communities. You will build immense authority and credibility as a byproduct!
Ready to launch something new? Create an MVP (minimum viable product) version *quickly*, launch, test, and begin refining. We see so many entrepreneurs spending months and months and months in the creation phase of their new offer. The big disadvantage here is that you’re creating based off of a lot of guesswork and assumption.
Creating a beta offer for the purpose of testing allows you to co-create directly with your ideal client and refine based on quality feedback.
If you have existing programs that don’t have various tracks, add them in. Example: “upgrade to our VIP track for 1:1 calls.” Your customers may appreciate the opportunity for added value and support.
If your entire offer suite consists of 1x purchase opportunities, introduce something that creates monthly recurring revenue for the business. Think memberships, payment plan options, group programs, subscription boxes, etc.
How can you serve your customers on a consistent basis? Allowing you to go deeper and serve them with more depth while simultaneously alleviating the pressure for constant lead acquisition.
Have happy clients? Get them talking to their circle! Period.
Find ways to elevate your customer journey and experience so that clients stay with you LONGER (vs having to acquire new leads all the time). This (amongst many of the above) is what we work on inside our group coaching program, The Awakening Academy. Take a look and see how this program could help you elevate your profits and apply today!
Which of these sound most exciting to you? Take it to your notebook and plan it out. We can’t wait to see what these tactics do for your business in the upcoming quarter!
Ashton Smith is the CEO and founder of The Awakening, a platform dedicated to helping women in business build intentionally so they can leave a powerful legacy behind. She helps early-stage all the way to established entrepreneurs own their power as CEO, deeply connect with their vision, & sustainably scale their businesses.
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